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iAnthus Obtains Adult-Use License For Massachusetts Facility

January 24, 2020 9:13 am
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iAnthus Obtains Adult-Use License For Massachusetts Facility

iAnthus Capital Holdings, Inc (CSE:IAN) (OTC:ITHUF) said Friday it has attained approval to begin growing and processing of recreational-use cannabis at its facility in Massachusetts.

The concluding inspection of its Massachussetts facility by the Massachusetts Cannabis Control Commission occurred in December, and the company obtained authorization to start its operations for adult-use cultivation and production on Jan. 27.

With this license, iAnthus is enabled to provide the state’s recreational cannabis market with various cannabis products, including flowers, edibles and concentrates. At the moment, the facility is supplying the company’s Boston-based medical dispensary and 30 other dispensaries, with plans to start to supply its Worcester-based adult-use dispensary that is in the construction phase, and around 35 other adult-use dispensaries.

"The Massachusetts cannabis market generated nearly $400 million in gross sales from adult-use cannabis retailers during its first year of legalization, according to the CCC,” Hadley Ford, CEO of iAnthus said in a statement.

“Demand for adult-use cannabis in Massachusetts has continued to exceed supply and stock-outs are endemic across the market. We look forward to the opportunity to bring safe, high quality, well-curated products to the adult-use market just as we have to the medical market to help address this problem."

iAnthus closed Thursday’s session at $1.56 per share.

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